Latest Sheffield build-to-rent scheme to deliver 284 homes following £42m deal

Residential specialist Grainger has agreed to forward fund and acquire a 284-home development in Sheffield as part of a deal worth around £42m.

The firm, which specialises in the private rented sector (PRS), has acquired the build-to-rent development at Well Meadow, with Panacea Property Development as the appointed developer for the scheme.

In close proximity to Sheffield city centre, the development is the latest built-to-rent scheme in the city for Grainger, in addition to nearby 237-home development Brook Place.

Construction is expected to commence in early 2020 when the conditions of the transaction have been satisfied and the scheme is fully secured.

Helen Gordon, chief executive of Grainger, said: “We are very pleased to further strengthen our Sheffield presence with this acquisition, which will deliver 284 high quality homes for rent in one of our target cities.

“With the city centre area undergoing significant regeneration, and housing demand supported by Sheffield’s strong graduate retention rates, we are confident that Well Meadow will prove to be a popular location to live.

“Upon completion of this project, Grainger’s Sheffield cluster will comprise 521 purpose-built PRS homes.”

Neil Patten, director at Panacea Property Development, added: “Following on from our successful delivery of phase one of this important regeneration area, we have liaised closely with Sheffield City Council to deliver institutionally backed build to rent accommodation in this key location for the city.

“Sheffield’s residential rental offer will undoubtedly be enhanced by purpose built, high quality build to rent accommodation and we are delighted to be working with the Grainger team to achieve this.”